Hungarian luxury fashion label Nanushka has announced the closing of a growth financing arrangement to be used to refinance existing debt and provide liquidity to accelerate the company’s expansion plans.
The brand, which is owned by parent company Vanguards and investment firm GB & Partners, has reached a €10m financing agreement in the form of a mezzanine facility with Swiss-based private credit investment manager SIG-i Capital AG.
With the new financing, the valuation of Nanushka is over 100 million euros according to the company, according to a press release.
Commenting on the new financing, Peter Baldaszti, CEO of the Budapest-based fashion house said: “This is an important milestone for Nanushka, which will help ensure that we can face the recent supply chain challenges head on. With the help of funding from SIG-i Capital, we are positioned to embark on new growth initiatives and strategically advance the business with the confidence of knowing we are well-prepared for economic uncertainty.”
The label currently has over 400 dealers worldwide and has offices in London, Budapest and New York. As recently as last October, Nanushka began digging into the Chinese market by launching on Alibaba’s Tmall e-commerce platform and opening its first Asian store in Shanghai. The aim now is to expand further, particularly in Asia and the USA. The brand is already represented there with flagship stores and wholesale partners.
Nanushka was founded in Budapest in 2006 by Sandra Sandor. Peter Baldaszti joined the company as co-owner and CEO in 2016 when private equity firm GB & Partners first invested in the company. Nanushka is now part of Vanguards, which was founded in 2020 by Peter Baldaszti and GB & Partners. Vanguards also owns the two fashion brands Sunnei from Milan and Aeron. With the support of GB & Partners, Baldaszti grew the Nanushka brand from one million euros in sales to 50 million euros in five years, the company says.